Sollio Cooperative Group, the largest Canadian agricultural coop with roots in Quebec, is pleased to announce that Rabobank Capital, Fonds de solidarité FTQ, Caisse de dépôt et placement du Québec (CDPQ) and Fondaction will invest $150 million in its organization.
The amounts invested will be paid into Sollio Cooperative Group’s share capital as preferred shares. The proceeds of this subscription will go toward optimizing and modernizing production and supporting the product offerings from Québec and Canada.
“We’re at the tail end of a period of major growth, and this investment will help accelerate our optimization process by facilitating digitization and innovation, maintain our leadership in agri-food and retail in Québec and Canada, and mitigate the effects of COVID-19 on our growth plans,” said Gaétan Desroches, Chief Executive Officer of Sollio Cooperative Group. “Such a substantial investment by these reputable financial institutions attests to their confidence in our strategies and our cooperative business model.”
Rabobank, a customer-focused cooperative bank in the Netherlands and a leading global food and agribusiness bank with extensive North American operations, is joining Sollio Cooperative Group’s Québec-based institutional investors to support the organization’s development and modernization
“This commitment is an opportunity to invest in a solid growth model and a partner who shares our focus on cooperative values and sustainable agricultural development,” said Paul Beiboer, CEO, Rabobank North America. “Rabobank is focused on driving innovation and growth in the global food system that will lead to smarter, more efficient and more sustainable agricultural practices and food distribution around the world.”
“Throughout the pandemic, Québec’s agri-food producers, transformers and workers have been working hard to keep grocery store shelves filled with quality local products,” said Gaétan Morin, President and Chief Executive Officer of Fonds de solidarité FTQ. “Thanks to Quebecers’ savings, our reinvestment in Sollio Cooperative Group is an opportunity to reaffirm our confidence in agrifood SMEs, including several members of the cooperative, who are essential to the prosperity of our regions.
“Sollio Cooperative Group plays a leading role in our agri-food sector,” said Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ. “Its business model is built around companies that meet essential needs and have a clear economic impact on the whole of Québec.”
“Sustainable agri-food is one of Fondaction’s key investment priorities. By investing in Sollio Cooperative Group and its cooperative model, we’re strengthening our food chain and driving change in agricultural practices,” said Geneviève Morin, President and CEO of Fondaction. “We’re building on the nearly 100 years of history behind this collaborative management model that supports our collective wealth.”